Estate Planning for Baby Boomers and Retirees

Book Description

Estate planning is an issue for almost all Americans largely because of increased pensions and inherited wealth. This book will provide planners, attorneys and accountants with a current, comprehensive guide to estate planning strategies. Wills, trusts, partnerships, property and special situations will be included.

Customer Reviews:

Good overview of estate planning.......2000-08-06

Easy to read and to learn basics of estate planning. Particularly liked the graphical examples showing the flow of money with different type of trusts used. I have read other estate planning books, and the graphical method was the easiest to grasp versus just written text examples (the old saying "a picture is worth a thousand words"). Great book to learn the basics.

Best basic estate/retirement planning book I've seen........1999-06-10

Though I had the honor of reviewing this book before it was published, I can say it is an outstanding resource for those looking toward retirement and estate planning. Stewart Welch takes a complicated and very important subject and boils it down into understandable bites of information. The book provides the reader with explanations of various estate planning and retirement planning ideas, analyzes the applicability to the individual situation and leaves the reader with sufficient information to make an informed decision. Congratulations Stewart.

Excellent summary of general and specific "tools" to apply.......1999-03-16

Outstanding information that gives just enough detail to guide you through each of the "tools" that can be used for estate planning, without boring you to death with examples. You won't learn the exact how-to details, but the author suggests how to take the next steps, whether it be wills, trusts, or more elaborate schemes such as off-shore accounts. See NoLo Press for cheap do-it-yourself will and trust software.

A comprehensive guide to financial planning.......1999-02-18

Stewart Welch synthesizes the most vital information you need to plan for the future. Welch, III, who was named one of Worth Magazine's and Money Magazine's Best Financial Advisors, doesn't disappoint. He delivers accurate, well conceived chapters addressing estate planning, using trusts, limited partnerships, and asset protection. As an added bonus, he lists top professional advisors state by state for those seeking additional help. In the book, you'll find critical provisions that must be included in your will, planning strategies for aquiring the capital you need for a worry-free retirement, and clear instructions for maximizing the transfer of wealth to family members while minimizing taxes, among other things. This book will give you the knowledge you need to make informed decisions regarding your estate plan. Buy the book, and keep it by your bedside. Give it as a gift to someone you love. You'll enjoy having his sage advice handy through the years. Stewart is Birmingham's best!

boomers should buy this & share it with their parents.......1998-12-23

Written in plain English (a rarety); this book features wonderful case studies and insights on every aspect of estate planning - includes some very subtle but important points (that will save you money & aggravation)

Book Description

Three trends are on a collision course: an aging population, the use of stocks to create paper wealth, and baby boomers' plans to use that wealth to retire. This book explains the hazards of relying on the stock market and offers balanced advice on how boomers can meet their retirement needs.

Customer Reviews:

Let me recommend better books on the subject. Read why........2006-12-29

The author recognizes the challenge of an aging society captured by the forthcoming decline in the number of employees per retirees. But, both Laurence Kotlikoff and Robert Stowe England have analyzed this situation far better. The author's average understanding of demographics combined with ignorance of economics has resulted in a moribund book.

The author constantly focuses on the wrong thing. It is not so much Social Security that has an actuarial problem. It is Medicare because it compounds the force of technology driven healthcare costs with the demographics of an aging society. Social Security has to deal with only the lesser of those two forces. 80% of the problem associated with our unfunded social entitlement costs come from Medicare not Social Security (see Kotlikoff).

He thinks retirement plans are excessively concentrated in stocks. They are not. Social Security is invested in Treasuries. Pension funds have a mix of stocks and bonds of 60%/40%; meanwhile 401Ks are closer to 50%/50% mix. The retirement of Baby Boomers is more dependent on bonds than stocks.

He is obsessed by all evils of stocks. But, the retiring of the Baby Boom generation will affect bonds, real estate, and other asset classes just as much. He does not recognize that any investment's market value represents the present value of its discounted future cash flows. As Baby Boomers will sell their portfolio investments, it will increase the discount rate for all investments. This is the case because every investment class competes with each other. There is nothing inherently worst about stocks vs other investments.

His Phantom Wealth concept is nonsense. He does not understand that a stock market value is supported by earnings. If a company stock has a P/E ratio of 10, and its earnings increased from $10 to $100 with a resulting increase in market value from $100 to $1,000; the author calls the $900 increase "Phantom Wealth." But, the $900 increase is fully supported by an additional $90 in earnings that the market capitalized. He further defends his Phantom Wealth with the stock market bubble of the late 90s. This is spurious argument. Bubbles do occur. The market is not perfectly efficient all the time. But, that is a far cry from entailing that a company is worth only what the initial investors injected directly into it decades ago.

Parker has other peculiar beliefs. He views the marked-to-market mechanism as flawed. Thus, when you and I both own an IBM share; your share should have a different market price than mine! Another Parker's special is the "parasitic investor" that entails all investors who trade stocks including pension funds, mutual funds, and retail investors. Since parasitic investors were not among the initial investors who injected capital directly into the company they are parasitic. When parasitic investors such as CALPERS put pressure on management to take measures to boost stock price that is bad. Per Parker, any measure to boost stock price is bad. This is because it inflates Phantom Wealth.

Parker is obsessed about corporate downsizing. But, he ignores that the U.S. has created far more jobs per capita than any other Western economy. Our unemployment rate remains very low. And, our standard of living as measured by GDP per capita has grown faster over the long term than any Western economy too. The author is missing the boat on the underpinning of economic growth.

When Parker goes into recommendations, cognitive dissonance remains high. He suggests dismantling the existing equities markets as they just create Phantom Wealth. He would have them replaced by private investment pools and labor oriented funds. He believes the entire securities industry will have to make such changes or go out of business during the first quarter of this century. But, what Parker promotes are risky, concentrated, and illiquid investment vehicles. Such investments would be inappropriate to replace existing equity markets that are efficient, well diversified, and liquid. Parker also promotes the Japanese Keiretsu model where banks and corporations co-own each other. This is a flawed model due to conflict of interests that lead to bad credit decisions and cause bank crisis. He also proposes creating investment vehicles that compensate investors based on a company's payroll size. This is a quick way to render our private sector obsolete in a globalized World economy.

The fiscal challenge of our aging society has been far better studied by these two authors: Laurence Kotlikoff in his seminal book "The Coming Generational Storm" and Robert Stowe England who wrote "The Fiscal Challenge of an Aging Industrial World" and "Global Aging and Financial Markets." If you are concerned about the vagaries of stocks, I recommend the far superior analysis of Robert Shiller as covered in his books "Irrational Exuberance" and "Market Volatility." Finally, for a good book on financial planning, I strongly recommend: Burton Malkiel's "The Random Walk Guide to Investing."

Unusual and upsetting message.......2006-05-17

This book's message is both unusual and upsetting. Author Thornton Parker questions conventional wisdom about financial planning for retirement. He draws on his varied background - including jobs in government and private sector financial planning - and discusses the influence that baby boomer retirement investments have on the stock market. He examines how the stock market creates wealth, why stock prices get inflated and who benefits. Contrary to what most experts in the investment, retirement and mutual fund industries tell their clients, Parker believes the "phantom wealth" that boomers have accumulated with their stock market investments is a time bomb. He suggests some changes, but given the greed and power he detects behind the creation of phantom wealth, his voice is probably not loud enough to make a difference. If his scenario unfolds, retirement certainly will not mean golden years for aging boomers. We recommend a look at Parker's proposals to investment advisers, HR professionals and people planning their retirement. If he's right, ignoring his warnings could lead to a distorted economy and increased income gaps between rich and poor.

Important piece of work.......2003-11-25

Great summary of where we are today, with the current ponzi scheme of retirement that relies on the stock market infinite price growth.
As people below said, the author is quite weak on the solution side, but that's mostly because there isn't any simple one, and they clearly missed the point, which is the main purpose of the book to awaken folks and make them understand what is really going on.
The book is very easy to read and more intelligently written than few others discussing this topic.

The author provides a lot of relevant references and allow you to dive into these issues if you'd like.

A vital, timely, level-headed financial preparedness book.......2003-07-26

In What If Boomers Can't Retire?: How To Build Real Security, Not Phantom Wealth, Thorton Parker draws upon his more than forty-five years of diverse experience and expertise in government and business management, strategic planing, finance and accounting, as well as policy development, to present the reader with a solidly written, informative and "user friendly" guide to protecting personal financial interests, including preparing for stock market downturns, scandals, and ultimately end up being able to enjoy a retirement that is not dependent upon social security. A vital, timely, and level-headed financial preparedness book, What If Boomers Can't Retire? is a "must read", not only for people of the Baby Boom generation, but for Gen-Xers and anyone else who must plan for their retirement despite the vagaries and volatilities of the stock and bond markets.

One Great Thought, So Many Pages.......2003-05-08

Amazing concept and credible, but apparently wanted to lead us, as a Pied Piper to his world. I guess he's pretty smart, because he confused the heck out of me. An academic andeavour to fill a vitae. As a financial planner, I had to take seriously what he wrote concerning the largest demographic having to sell their stock. Left way too much out on solution, Way. Way, WAY too much on the political.

Couldn't get a grip on who he was trying to reach.

Book Description

The essays in this volume present the latest beliefs of some leading contemporary moral and political philosophers on the issue of assisting the foreign poor. Topics focus around the themes of political responsibility of governments of affluent countries to relieve poverty abroad and the personal responsibility of individuals to assist the distant needy. This timely volume will interest scholars in ethics, political philosophy, political theory, international law and development economics, as well as policy makers, aid agency workers, and general readers interested in the topics.

Customer Reviews:

Excellent cosmopolitan view points.......2007-02-11

I am a masters level student in development studies and international relations and this book has provided me with excellent insight and knowledge. Essays are written by some very respected thinkers in the field. This book is a must have - Provides some very valuable knowledge and the bibliography is excellent for future resources.

Book Description

Straightforward and accessible, this comprehensive guide reveals a multitude of both well-known and little-known tax-saving ideas—from deductions for real estate taxes to pocketing tax-free mortgage proceeds when trading up to a more expensive home. Fully updated to reflect all the changes in today’s tax law, J.K. Lasser’s Homeowner’s Tax Breaks 2007 will help you make more informed decisions when dealing with this important issue.

J.K. Lasser's Homeowner's Tax Breaks 2006: Your Complete Guide to Finding Hidden Gold in Your Home (J.K. Lasser)

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J.K. Lasser's Homeowner's Tax Breaks 2006: Your Complete Guide to Finding Hidden Gold in Your Home (J.K. Lasser)
Gerald J. Robinson
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471733105

Book Description

Proven tax strategies any homeowner can use to maximize the benefits of owning a home

"Robinson walks the reader through almost every conceivable scenario that could result in a lower tax bill."
—Ilyce Glink, Tribune Media Services

J.K. Lasser's Homeowner's Tax Breaks 2006 provides a straightforward and accessible look at the legitimate tax strategies any homeowner can use to save on their taxes. This comprehensive guide reveals a multitude of both well-known and little-known tax-saving ideas that will allow you to put substantial dollars back where they belong—in your pocket.

Filled with in-depth insights and practical advice, J.K. Lasser's Homeowner's Tax Breaks 2006 will help you:

Legitimately take deductions for your household when you have a home office
Make your credit card and car loan interest deductible
Qualify to exclude up to $250,000 of gains on the sale of your home—$500,000 if you're married
Cope with a depressed housing market by getting deductions for renting your home before you sell it
Create tax-free income from renovating your home and selling it at a profit
Receive charitable deductions on your home while you're still living in it
Make your home a retirement nest egg that generates tax-free income by trading down or using it for a reverse mortgage
Eliminate estate tax on your principal residence by utilizing a personal residence trust

J.K. Lasser—Practical Guides for All Your Financial Needs

Please visit our Web site at www.jklasser.com

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Proven tax strategies any homeowner can use to maximize the benefits of owning a home There are 65 million homeowners in the United States who could take advantage of the tax saving opportunities associated with their homes. J.K. Lasser's Homeowner's Tax Breaks 2006 reveals a treasure chest of tax breaks that any homeowner can use. These include such little-known breaks as getting tax-free rent from a short-term home rental, using the generous $250,000/$500,000 home sale exclusion to shelter gain from the sale of other real estate, and pocketing tax-free mortgage proceeds when trading up to a more expensive home. Gerald J. Robinson (New York, NY) is an attorney at Carb, Luria, Cook and Kufeld, LLP. He is the author of the treatise, Federal Income Taxation of Real Estate, currently in its sixth edition;which is considered the bible of real estate tax for practitioners. Mr. Robinson holds an LLM in taxation from New York University.

J.K. Lasser's Homeowner's Tax Breaks 2005: Your Complete Guide to Finding Hidden Gold in Your Home (J.K. Lasser)

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It's As Good As Money in the Bank
A Friend Indeed

J.K. Lasser's Homeowner's Tax Breaks 2005: Your Complete Guide to Finding Hidden Gold in Your Home (J.K. Lasser)
Gerald J. Robinson
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

General | Real Estate | Business & Investing | Subjects | Books

General | Taxation | Law | Subjects | Books

All Amazon Upgrade | Amazon Upgrade | Stores | Books

Business & Investing | Amazon Upgrade | Stores | Books

Law | Amazon Upgrade | Stores | Books

Professional & Technical | Amazon Upgrade | Stores | Books
Similar Items:

ASIN: 0471647713

Book Description

"Robinson walks the reader through almost every conceivable scenario that could result in a lower tax bill."
—Ilyce Glink, Tribune Media Services

The 2005 Edition of J.K. Lasser's Homeowner's Tax Breaks reveals a multitude of both well-known and little-known tax-saving ideas that will allow you to put substantial dollars back in your pocket. In fact, it's packed with the largest in-print collection of tax-planning ideas for homeowners.

Filled with in-depth insights and practical advice, the 2005 Edition of J.K. Lasser's Homeowner's Tax Breaks will help you:

Legitimately take deductions for your household when you have a home office
Make your credit card and car loan interest deductible
Qualify to exclude up to $250,000 of gains on the sale of your home—$500,000 if you're married
Cope with a depressed housing market by getting deductions for renting your home before you sell it
Create tax-free income from renovating your home and selling it at a profit
Receive charitable deductions for your home while you still live in it
Make your home a retirement nest egg that generates tax-free income by trading down or using it for a reverse mortgage
Eliminate estate tax on your principal residence by utilizing a personal residence trust

Download Description

Shows how to take advantage of the many tax breaks available to homeowners

There are 65 million homeowners in the U.S. and there are almost as many tax savings opportunities offered to them. Unfortunately, beyond the most common tax breaks, homeowners are typically in the dark. Worse, some may know about a particular tax break, but not know how to take it. This is the perfect resource for all homeowners. J. K. Lasser's Homeowner's Tax Breaks is a lively, plain English guide to the dozens of income tax savings opportunities currently available to homeowners. In accessible language, it skillfully explains both well-known opportunities, such as how to obtain tax-free gains on the sale of a home, and little known benefits, including how to obtain tax-free short term rents and how to get tax-free cash out of a home when trading up. Homeowners will learn how they can save tax money by acting on any of these great tips:

How to deduct all of your real estate taxes

How to deduct your home office expenses

How to get the government to pay for home damages

And many more

Customer Reviews:

It's As Good As Money in the Bank.......2004-04-05

As a CPA and former teacher of accounting at the graduate school level, I can tell you that if you own or are selling real estate, Gerald Robinson's new book is almost as good as winning the lottery. In fact, the odds of realizing a big pay-off from this book are much better than the odds of hitting the lottery.

While books on taxation can be among the most boring ever written, Mr. Robinson avoids that trap. He writes in plain english, explaining complex strategies at a level almost everyone can understand.

For example, if you are selling your primary residence that you've owned for many years, or you've moved to more expensive homes a number of times during your working career, this is as good as discovering an unexpected bonanza in your bank account. The three strategies for avoiding capital gains tax when yous sell a residence and realize a gain of more than $500,000 (it is far more common than you think, and comes as a shock to many sellers) are unknown to most people, including some tax accountants. This one chapter is worth the cost of the book many times over.

The book is clearly written, is well organized, and I highly recommend it. The reader will feel much more confident the next time he/she is a party to a real estate transaction, including the renting of vacation property.

A Friend Indeed.......2004-02-17

Having recently sold a vacation house on Martha's Vineyard, it was fortutious to find a copy of Gerald Robinson's new book "Homeowner's Tax Breaks" at my local Borders.

Well writen, clearly writen and, best of all, superbly organized, Robinson's book covers all the bases of the complex game of home ownership. Were that most books of this type provided as much useful advise for passage through the dense U.S. tax codes that apply to buying and selling of one's home.

Customer Reviews:

Essential Guide for Judaica Autograph Collectors.......2000-01-10

For those who collect Judaica autographs, or for anyone curious to see what the writings of famous Jewish people look like, this book is the only one of its kind to satisfy you. Virtually every Jewish leader in a dozen fields is represented, including Israel, Zionism, and Rabbinic leaders. I look forward to a follow-up book with more examples.

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